Modi Is Right. Wanchoo Committee Recommended Demonetisation To Indira. She Refused. Here’s Why
Modi Is Right. Wanchoo Committee Recommended Demonetisation To Indira. She Refused. Here’s WhyNarendra Modi

Prime Minister Narendra Modi in a BJP meet today (16 December) is believed to have said that Wanchoo committee had recommended demonetisation of higher denomination currency to the then Prime Minister Indira Gandhi but she refused.

PM Modi is right.

In 1971, the Wanchoo Committee had submitted an interim report in which it had recommended, among other reforms, the demonetisation of high-value currency notes. Y B Chavan was then finance minister. Retired civil servant, Madhav Godbole, in his book Unfinished Innings: Recollections and Reflections of a Civil Servant book tells us that after many deliberations over the matter, demonetisation was accepted along with other reforms suggested by the committee.

However, “in view of the sensitive nature of the subject and the need for maintaining utmost secrecy”, the prime minister’s approval was needed. So Chavan went to meet Indira. And this is what he told Godbole about his meeting with Indira on the issue.

When Y.B. Chavan told Indira Gandhi about the proposal for demonetization and his view that it should be accepted and implemented forthwith, she asked Chavan only one question: “Chavanji, are no more elections to be fought by the Congress Party?” Chavan got the message and the recommendation was shelved.
Open Magazine

This anecdote also busts the narrative that Modi is similar to Indira. Hundreds of pages can be written about how radically different the two leaders are in every sense. Perhaps, a whole book is waiting to be written. But, for now, this one anecdote will suffice.

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